A. After registration you get the latest updates of every new property and you can the details of Authorised officer of bank. Once you subscribed us you will get all updates of SARFAESI/DRT/IBC.
Q. Who is the Authorised Officer?
A. Authorized Officer means an officer not less that chief manger of Bank who has having rights to exercise the rights of a secured creditor under the SARFAESI Act.
Q. How to search the property on your web-site?
A. Users can search property on home page by Bank name or by the Type i.e residential/ commercial/industrial, and other. We have also provided the advance search where users can get the property city wise, Auction date and range of price and area. You can search the property with the status i.e symbolic and physical also.
Q. Can we quote the price of the property put for Auction?
A. We have given option to quote your price and feedback of the property which will directly go to Bank for their concidaration.
Q. What is the symbolic possession of Property?
A. Symbolic possession is when the Bank has ownership right over a property but occupancy of the property is with Borrower/ Tenant.
Q. What is the Physical possession of the property?
A. Physical possession of the property means the legal rights and the keys are also with the Bank.
Q. What is the Reserve Price?
A. Reserve Price is the minimum price fixed by the bank for a particular property which to be auctioned.
Q. What is the EMD amount?
A. Earnest Money Deposit or EMD is the deposit money required to be paid in advance for participating in bank auctions. The amount is usually 10% of the Reserve Price.
Q. How to receive the latest updates about new bank auctions from this web site?
A. Once you register and subscribed your e-mail with us the latest update regarding the new auction and updates through e-mail.
Q. Can Bank sold the property below the Reserve Price?
A. NO once Bank publish the sale notice in newspaper cannot be sold below the reserve price. But purchaser can give their offer to Bank.
Q. Who can participate in Bank auction?
A. Anyone be an individual/ groups of Individual/ Private Ltd/ Public/ proprietorship/ Partnership Firm / Cooperative Society/ Government Dept. / PSU / any legal entity can Participate in action by doing registration /Submission of the required documents and the payment of EMD.
Q. How auction property compared with similar auction property?
A. PAN Card or Form 16 , Address Proof (valid set of address proof include Voter Identity card, Driving License, Job Card issued by MNREGA duly signed by an officer of state government, Letter issued by National population register)
Q. What documents required for individual to participate e-auction?
A. PAN Card or Form 16 , Address Proof (valid set of address proof include Voter Identity card, Driving License, Job Card issued by MNREGA duly signed by an officer of state government, Letter issued by National population register)
Q. What documents required for Group of individual to participate e-auction?
A. PAN Card or Form 16 , Address Proof (valid set of address proof include Voter Identity card, Driving License, Job Card issued by MNREGA duly signed by an officer of state government, Letter issued by National population register) for all the members and Authorization letter in favor of lead member by all the group members.
Q. What documents required for proprietorship/ Partnership Firm to participate e-auction?
A. PAN Card or Form 16 , GST Registration certificate , Address Proof of the firm , Authorization letter of the firm in favor of contact person.
Q. What documents required for Company (Private Ltd/ Public) to participate e-auction?
A. PAN Card or Form 16 , GST Registration certificate , Address Proof of the company , Authorization letter of the Company in favor of contact person.
Q. What documents required for Co-operative Society/Trust to participate e-auction?
A. PAN Card , GST/Society or Trust Registration Certificate , Address proof of the Co- operative society/Trust , Authorization letter of the Co-operative Society/Trust in f/o contact person
Q. What documents required for Government Dept. / PSU to participate e-auction?
A. PAN Card , GST Registration Certificate , Address Proof of the Govt. dept./PSU , Authorization letter in favor of contact person.
Q. What documents required for Any other legal entity to participate e-auction?
A. PAN Card , Address Proof, Authorization letter in favor of contact person.
Q. How can I cancel the BID?
A. Once BID submitted cannot be cancel.
Q. How can retrieve user id and password?
A. Go to login page and click on lost password and put your e-mail id new password will generate.
Q. What is featured Property?
A. Featured Property is the most popular and discounted rate property.
Q. How can Bank/IP upload the property?
A. Once Bank/IP registered with Web-site they can upload the property. For details click how to upload property.
